Kuwait’s IFA Hotels and Resorts (IFHR) has secured a $10 million loan through its subsidiary for a mega development in South Africa.

The IFA subsidiary has signed a contract with ABSA Bank for the banking facilities to complete the remaining infrastructure of the Zimbali Lakes Project, according to a disclosure on the Dubai Financial Market (DFM) on Tuesday.

Zimbali Lakes is a family residential and leisure development located 45 kilometres north of the South African port city of Durban.

The mixed-use estate seeks to offer luxury living to retirees, professionals and families.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com